SWAP FREE TRADING ACCOUNT TERMS & CONDITIONS
The Swap-Free trading account Terms & Conditions (“Terms”) is a supplement to the client agreement (“Client Agreement”) between the client and EGM Securities Limited and it governs the terms of the (Swap-Free) Trading Account (“Swap Free”).
The client hereby expressly acknowledges and agrees that completing or submitting to EGM Securities Limited the Swap-Free trading account request, email or documentation/forms or clicking in the appropriate space, or similar buttons or links as may be designated by EGM Securities Limited shall signify the client’s approval and acceptance of these terms and conditions.
The Terms and Conditions
1. Swap-Free trading accounts are available only to those clients who cannot use ‘swaps’ owing to their beliefs and choice. Accordingly, in all instances where a request for a Swap-Free account is submitted to EGM Securities Limited, the company reserves the right to require an adequate justification for and/or proof of the necessity or need of any such conversion.
2. EGM Securities Limited reserves the right to refuse the processing of any such request, at its sole discretion, for any reason whatsoever, without being obliged to provide any explanation or justification.
3. EGM Securities Limited also reserves the right to revoke the Swap-Free status granted to any standard trading account at any time, at its sole discretion, without being obliged to provide any explanation or justification.
4. Clients are not allowed to use Swap-Free trading accounts for the primary reason of making profits from ‘Swaps’. Further, clients may not request the payment of any ‘Swap’ amounts that have been lost as a result of converting their standard trading account(s) into one or more Swap-Free account(s) for any such period prior to converting the account to a Swap-Free account(s).
5. In the event that EGM Securities Limited detects any form of abuse, fraud, manipulation, cash- back arbitrage, or other forms of deceitful or fraudulent activity in regard to any Swap-Free account of any client, EGM Securities Limited reserves the right, at any time:
- with immediate effect, to revoke the Swap-Free status from any and all standard trading accounts of such client that have been converted to a Swap-Free trading account; and/or
- to correct and recover any un-accrued Swaps and any related un-accrued interest expenses and or costs pertaining to any and all of such client’s Swap-Free trading accounts during the period for which such accounts were converted into Swap-Free trading accounts; and/or
- with immediate effect, to close all trading accounts of such client with EGM Securities Limited, void all trades carried out in such client’s trading accounts with EGM Securities Limited and cancel all profits or losses incurred in such client’s trading accounts.
6. The client expressly acknowledges and understands that all the positions on the instruments listed in FX Majors, FX Minors, Metals xau & Metals xag security groups specified in the “Symbols” section on the MT4 platform, which remain open from 23:59:45 to 00:00 (trading platform time zone) in Swap-Free accounts will NOT be subject to rollover, interest accruements or storage charges.
For Executive Accounts: The minimum spread for the above-mentioned instruments may be widened for all Swap-Free accounts on Majors, Minors and Metals.
For Premiere Accounts: The commission charged on the MT4 Premiere account may be increased.
7. The client expressly agrees that EGM Securities Limited will review all Swap-Free accounts on a regular basis and that all Swap-Free accounts will be subject to regular checks and monitoring.
8. The client expressly acknowledges and agrees that the CFDs offered by EGM Securities Limited might be charged a fee upon the rollover of a position from one contract to another, and that this fee will be charged and appear on my MT4 platform under the ‘swap’ field.
9. These terms as per the Client Agreement are governed by and shall be construed in accordance with the laws of Kenya. If any of the terms set forth herein were to be translated into a language other than English, then the English version shall prevail where there is an inconsistency or conflict.
10. These Terms shall constitute an integral part of the Client Agreement and shall be read in conjunction therewith. Nothing in these terms restricts EGM Securities Limited’s ability to enforce its rights under the Client Agreement.